Basswood Capital Management L.L.C. Makes New $6.71 Million Investment in Washington Trust Bancorp, Inc. $WASH

Basswood Capital Management L.L.C. acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 183,998 shares of the financial services provider’s stock, valued at approximately $6,712,000. Basswood Capital Management L.L.C. owned 0.96% of Washington Trust Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Washington Trust Bancorp by 17.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after buying an additional 1,708 shares during the last quarter. Legal & General Group Plc raised its stake in Washington Trust Bancorp by 8.1% during the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after acquiring an additional 1,448 shares during the last quarter. Rhumbline Advisers raised its stake in Washington Trust Bancorp by 9.8% during the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after acquiring an additional 2,670 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Washington Trust Bancorp during the 2nd quarter worth approximately $409,000. Finally, Invesco Ltd. lifted its position in Washington Trust Bancorp by 3.0% during the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after acquiring an additional 8,938 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings raised Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Piper Sandler boosted their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 23rd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus price target of $35.50.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $39.73 on Thursday. The stock has a market capitalization of $757.65 million, a price-to-earnings ratio of 13.80, a PEG ratio of 0.90 and a beta of 0.72. The business’s 50 day moving average is $37.76 and its two-hundred day moving average is $34.99. Washington Trust Bancorp, Inc. has a 12-month low of $25.23 and a 12-month high of $40.50. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The business had revenue of $60.47 million during the quarter, compared to analysts’ expectations of $59.91 million. Research analysts expect that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 5.6%. Washington Trust Bancorp’s dividend payout ratio is presently 77.78%.

Washington Trust Bancorp Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.